Sensex erases early gains, hovers near flat line

A bout of volatility was witnessed as benchmark Sensex hovered around the flat line in late morning trade, higher by just 10 points following emergence of fresh selling in consumer durables, realty, power, IT, telecom and teck stocks amid mixed trend in Asian cues.
The 30-share Sensex, resumed higher at 26,304.90 and hovered in a range of 26,449.87 and 26,249.30 before quoting 26,309.10 at 1100 hours, still showing a rise of 10.41 points or 0.04 per cent from its last close.
The NSE 50-share Nifty was also trading marginally up by 2.10 points or 0.03 per cent to 8,113.70 at 1100 hours.

Major gainers were, Tata Motors 2.57 per cent, Axis Bank 1.39 per cent, Cipla 1.32 per cent, ONGC 1.23 per cent and GAIL 1.14 per cent.
However, HeroMotoco fell by 2.14 per cent followed by Bajaj Auto 2.12 per cent, Powergrid 1.94 per cent, Wipro 1.80 per cent, AsianPaint 1.19 per cent and Coal India 0.98 pct.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 1957.04 crs yesterday,as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks witnessed mixed trend today. US stocks closed mostly lower yesterday, as financial stocks fell but gains in technology stocks helped Nasdaq end the day higher.